Anika Therapeutics (ANIK) 10-Q 31 Jul 18 2018 Q2 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	6 Months Ended
	Jun. 30, 2018	Jul. 25, 2018
Document Information [Line Items]
Entity Registrant Name	Anika Therapeutics, Inc.
Entity Central Index Key	898,437
Trading Symbol	anik
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Well-known Seasoned Issuer	No
Entity Common Stock, Shares Outstanding (in shares)		14,583,597
Document Type	10-Q
Document Period End Date	Jun. 30, 2018
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q2
Amendment Flag	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Current assets:
Cash and cash equivalents	$ 126,047	$ 133,256
Investments	13,250	24,000
Accounts receivable, net of reserves of $1,862 and $1,914 at June 30, 2018 and December 31, 2017, respectively	23,389	23,825
Inventories, net	24,060	22,035
Prepaid expenses and other current assets	4,244	3,211
Total current assets	190,990	206,327
Property and equipment, net	55,377	56,183
Other long-term assets	1,157	1,254
Intangible assets, net	9,876	10,635
Goodwill	8,013	8,218
Total assets	265,413	282,617
Current liabilities:
Accounts payable	5,073	6,747
Accrued expenses and other current liabilities	7,459	6,326
Total current liabilities	12,532	13,073
Other long-term liabilities	882	660
Deferred tax liability	5,396	5,393
Commitments and contingencies (Note 12)
Stockholders’ equity:
Preferred stock, $.01 par value; 1,250 shares authorized, no shares issued and outstanding at June 30, 2018 and December 31, 2017, respectively	0	0
Common stock, $.01 par value; 90,000 and 60,000 shares authorized, 14,584 and 14,688 shares issued and outstanding at June 30, 2018 and December 31, 2017, respectively	146	147
Additional paid-in-capital	48,656	68,617
Accumulated other comprehensive loss	(5,115)	(4,784)
Retained earnings	202,916	199,511
Total stockholders’ equity	246,603	263,491
Total liabilities and stockholders’ equity	$ 265,413	$ 282,617

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) shares in Thousands, $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Accounts receivable, reserves	$ 1,862	$ 1,914
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	1,250	1,250
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	90,000	60,000
Common stock, shares issued (in shares)	14,584	14,688
Common stock, shares outstanding (in shares)	14,584	14,688

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Revenue	$ 30,548	$ 33,462	$ 51,812	$ 56,848
Operating expenses:
Cost of product revenue	8,152	6,315	15,996	12,398
Research & development	4,733	4,449	9,895	8,679
Selling, general & administrative	6,417	4,972	22,507	10,039
Total operating expenses	19,302	15,736	48,398	31,116
Income from operations	11,246	17,726	3,414	25,732
Interest and other income, net	290	16	385	74
Income before income taxes	11,536	17,742	3,799	25,806
Provision for income taxes	1,444	6,373	394	8,944
Net income	$ 10,092	$ 11,369	$ 3,405	$ 16,862
Basic net income per share:
Net income (in dollars per share)	$ 0.69	$ 0.78	$ 0.23	$ 1.16
Basic weighted average common shares outstanding (in shares)	14,652	14,588	14,666	14,582
Diluted net income per share:
Net income (in dollars per share)	$ 0.68	$ 0.76	$ 0.23	$ 1.12
Diluted weighted average common shares outstanding (in shares)	14,915	15,044	15,045	15,046
Net income	$ 10,092	$ 11,369	$ 3,405	$ 16,862
Foreign currency translation adjustment	(951)	1,289	(331)	1,581
Comprehensive income	9,141	12,658	3,074	18,443
Product [Member]
Revenue	30,542	28,340	51,800	51,721
Service [Member]
Revenue	$ 6	$ 5,122	$ 12	$ 5,127

Condensed Consolidated Stateme5

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
Cash flows from operating activities:
Net income	$ 3,405	$ 16,862
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	2,920	2,022
Loss on disposal of fixed assets	172
Stock-based compensation expense	8,887	2,465
Deferred income taxes	63	589
Provision for doubtful accounts	(6)	(1)
Provision for inventory	3,993	287
Changes in operating assets and liabilities:
Accounts receivable	1,926	(2,449)
Inventories	(5,990)	(1,741)
Prepaid expenses, other current and long-term assets	790	(155)
Accounts payable	(194)	2,362
Accrued expenses, other current and long-term liabilities	(100)	(813)
Income taxes	(1,803)	2,303
Net cash provided by operating activities	14,063	21,731
Cash flows from investing activities:
Proceeds from maturity of investments	24,750	20,000
Purchase of investments	(14,000)	(24,500)
Purchase of property and equipment	(3,283)	(3,917)
Net cash provided by (used in) investing activities	7,467	(8,417)
Cash flows from financing activities:
Repurchases of common stock	(30,000)
Cash paid for tax withheld on vested restricted stock awards	(1,735)
Proceeds from exercise of equity awards	2,886	209
Net cash (used in) provided by financing activities	(28,849)	209
Exchange rate impact on cash	110	90
(Decrease) Increase in cash and cash equivalents	(7,209)	13,613
Cash and cash equivalents at beginning of period	133,256	104,261
Cash and cash equivalents at end of period	126,047	117,874
Supplemental disclosure of cash flow information:
Purchases of property and equipment included in accounts payable and accrued expenses	$ 462	$ 1,193

Note 1 - Nature of Business

Note 1 - Nature of Business	6 Months Ended
	Jun. 30, 2018
Notes to Financial Statements
Nature of Operations [Text Block]	1. Nature of Business Anika Therapeutics, Inc. (the “Company”) is a global, integrated orthopedic and regenerative medicines company committed to improving the lives of patients with degenerative orthopedic diseases and traumatic conditions with clinically meaningful therapies along the continuum of care, from palliative pain management to regenerative tissue repair. The Company has over two The Company is subject to risks common to companies in the biotechnology and medical device industries including, but not

Note 2 - Basis of Presentation

Note 2 - Basis of Presentation	6 Months Ended
	Jun. 30, 2018
Notes to Financial Statements
Business Description and Basis of Presentation [Text Block]	2. Basis of Presentation The accompanying unaudited condensed consolidated financial statements and related notes have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”) and in accordance with accounting principles generally accepted in the United States (“US GAAP”). The financial statements include the accounts of Anika Therapeutics, Inc. and its subsidiaries. Inter-company transactions and balances have been eliminated. Certain information and footnote disclosures normally included in annual financial statements prepared in accordance with US GAAP have been condensed or omitted pursuant to SEC rules and regulations relating to interim financial statements. The December 31, 2017 June 30, 2018, three six June 30, 2018 2017, six June 30, 2018 2017. The accompanying unaudited condensed consolidated financial statements and related notes should be read in conjunction with the Company’s annual financial statements filed with its Annual Report on Form 10 December 31, 2017. three six June 30, 2018 not December 31, 2018. At the Company’s annual stockholders’ meeting on May 31, 2018, 60 90 90 June 6, 2018. not Recent Accounting Pronouncements In February 2016, No. 2016 02, Leases 842 2016 02 December 15, 2018. may 2016 02

Note 3 - Revenue

Note 3 - Revenue	6 Months Ended
	Jun. 30, 2018
Notes to Financial Statements
Revenue from Contract with Customer [Text Block]	3. Revenue The Company adopted the guidance in the FASB’s Accounting Standards Codification (ASC) Revenue from Contracts with Customers 606 January 1, 2018. 606 not not no 605, Revenue Recognition Pursuant to ASC 606, five Product Revenues The Company sells its products principally to a number of distributors (i.e., its customers) under legally enforceable executed contracts. The Company’s distributors subsequently resell the products to sub-distributors and health care providers, among others. The Company recognizes revenue from product sales when the distributor obtains control of the Company’s product, which typically occurs upon shipment to the distributor, in return for agreed-upon fixed price consideration. Performance obligations are generally settled quickly after purchase order acceptance; therefore, the value of unsatisfied performance obligations at the end of any reporting period is generally immaterial. The Company’s payment terms are consistent with prevailing practice in the respective markets in which the Company does business. Distributors make payments based on fixed-price contract terms, which are not one not not To identify variable consideration and determine the transaction price, the Company has reviewed its standard contractual terms and conditions and its customary business practices. Volume based discounts with tiered pricing are generally prospective in nature. These prospective discounts together with any free-of-charge sample units offered are evaluated as potential material rights. If the discounts or free of charge sample units are considered significant in the context of the contract, revenue is deferred. The Company receives payments from its customers based on billing schedules established in each contract. Up-front payments and fees are recorded as deferred revenue upon receipt or when due, and may June 30, 2018, $0.1 Generally, distributor contracts contain Free on Board (FOB) shipping point or Ex-Works terms where the customer pays the shipping company directly for all shipping and handling costs. In those contracts in which the Company pays for the shipping and handling, the associated costs are generally recorded along with the product sale at the time of shipment in cost of product revenue when control over the products has transferred to the customer. The Company does not not not not one 340 40 25 4. Included as a component of product revenue is sales-based royalty revenue, which represents the utilization of our intellectual property licensed by our commercial partners. The Company does not not License, Milestone and Contract Revenues The Company has agreements with DePuy Synthes Mitek Sports Medicine, a division of DePuy Orthopaedics, Inc. (“Mitek”) that include the grant of certain licenses, performance of development services, and supply of product. Revenues from the agreements with Mitek represent 72% 73% three six June 30, 2018, may 606 not The agreements with Mitek include variable consideration such as contingent development and regulatory milestones, sales-based milestones, and royalties. The Company completed the performance obligations related to granted licenses and development services under these agreements in prior years. Agreements that include a promise for future supply of product at the customer’s discretion are generally considered as options. The Company assesses if these options provide a material right to the licensee and if so, they are accounted for as separate performance obligations. Variable consideration is included in the transaction price only to the extent a significant reversal in the amount of cumulative revenue recognized is not There was no The following tables provide the disaggregated revenue by primary geographical market and major product group. Product revenue by product group is as follows: Three Months Ended June 30, Six Months Ended June 30, 2018 2017 2018 2017 Orthobiologics $ 26,192 $ 24,468 $ 45,681 $ 44,695 Surgical 1,263 1,335 2,509 2,631 Dermal 623 453 83 878 Other 2,464 2,084 3,527 3,517 Product Revenue $ 30,542 $ 28,340 $ 51,800 $ 51,721 Total revenue by geographic location and as a percentage of overall total revenue for the three six June 30, 2018 2017 Three Months Ended June 30, 2018 2017 Total Percentage of Total Percentage of Geographic Location: United States $ 24,773 81 % $ 27,447 82 % Europe 3,498 11 % 4,060 12 % Other 2,277 8 % 1,955 6 % Total Revenue $ 30,548 100 % $ 33,462 100 % Six Months Ended June 30, 2018 2017 Total Percentage of Total Percentage of Geographic Location: United States $ 41,682 81 % $ 46,377 82 % Europe 5,889 11 % 6,889 12 % Other 4,241 8 % 3,582 6 % Total Revenue $ 51,812 100 % $ 56,848 100 % On May 2, 2018, not no three March 31, 2018 $1.1 $0.9 three June 30, 2018

Note 4 - Investments

Note 4 - Investments	6 Months Ended
	Jun. 30, 2018
Notes to Financial Statements
Cash and Cash Equivalents Disclosure [Text Block]	4. Investments All of the Company’s investments are carried at fair value with unrealized gains and losses recorded as a component of accumulated other comprehensive income, net of related income taxes. The Company held bank certificates of deposit of $13.3 $24.0 June 30, 2018 December 31, 2017, no June 30, 2018 December 31, 2017.

Note 5 - Fair Value Measurement

Note 5 - Fair Value Measurements	6 Months Ended
	Jun. 30, 2018
Notes to Financial Statements
Fair Value Disclosures [Text Block]	5. Fair Value Measurements The Company’s investments are all classified within Levels 1 2 1 2 third not The fair value hierarchy of the Company's cash equivalents and investments at fair value is as follows: Fair Value Measurements at Reporting June 30, 2018 Quoted Prices in Significant Other Significant Cash equivalents: Money market funds $ 17,366 $ 17,366 $ - $ - U.S. Treasury Bills 43,596 43,596 - - Total cash equivalents $ 60,962 $ 60,962 $ - $ - Investments: Bank certificates of deposit $ 13,250 $ - $ 13,250 $ - Fair Value Measurements at Reporting December 31, 2017 Quoted Prices in Significant Other Significant Cash equivalents: Money market funds $ 5,893 $ 5,893 $ - $ - Bank certificates of deposit 500 - 500 - Total cash equivalents $ 6,393 $ 5,893 $ 500 $ - Investments: Bank certificates of deposit $ 24,000 $ - $ 24,000 $ -

Note 6 - Equity Incentive Plan

Note 6 - Equity Incentive Plan	6 Months Ended
	Jun. 30, 2018
Notes to Financial Statements
Disclosure of Compensation Related Costs, Share-based Payments [Text Block]	6. Equity Incentive Plan The Company estimates the fair value of stock options and stock appreciation rights (“SARs”) using the Black-Scholes valuation model. Fair value of restricted stock awards (“RSAs”) and restricted stock units (“RSUs”) are measured by the grant-date price of the Company’s shares. The fair value of each stock option award during the six June 30, 2018 2017 Six Months Ended June 30, 2018 2017 Risk free interest rate 2.15% - 2.75% 1.65% - 1.78% Expected volatility 37.12% - 40.81% 42.54% - 44.30% Expected life (years) 4.0 - 4.5 4.0 Expected dividend yield 0.00% 0.00% The Company recorded $1.3 three June 30, 2018 2017 $8.9 $2.5 six June 30, 2018 2017, March 9, 2018, one $6.2 three March 31, 2018. The Company presents the expenses related to stock-based compensation awards in the same expense line items as cash compensation paid to each of its employees as follows: Three Months Ended June 30, Six Months Ended June 30, 2018 2017 2018 2017 Cost of product revenue $ (28 ) $ 102 $ (244 ) $ 199 Research and development 241 153 451 163 Selling, general and administrative 1,109 1,029 8,680 2,103 Total stock-based compensation expense $ 1,322 $ 1,284 $ 8,887 $ 2,465 The decrease in stock-based compensation expense within the cost of product revenue line item during the three six June 30, 2018 The following table sets forth share information for equity awards granted and exercised during the three six June 30, 2018 2017: Three Months Ended June 30, Six Months Ended June 30, 2018 2017 2018 2017 Grants: Stock options 17,500 5,500 209,800 410,135 RSAs - - 64,578 - RSUs - - 8,130 9,970 Exercises: Stock options 273,123 3,850 284,548 9,437 SARs - - - 5,000 During the three six June 30, 2018 2017 four three one March 9, 2018, 32,541 $1.7

Note 7 - Earnings (Loss) Per Sh

Note 7 - Earnings (Loss) Per Share ("EPS")	6 Months Ended
	Jun. 30, 2018
Notes to Financial Statements
Earnings Per Share [Text Block]	7. Earnings Per Share (“EPS”) Basic EPS is calculated by dividing net income by the weighted average number of shares outstanding during the period. Unvested restricted shares, although legally issued and outstanding, are not The following table provides share information used in the calculation of the Company's basic and diluted earnings per share (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2018 2017 2018 2017 Shares used in the calculation of basic earnings per share 14,652 14,588 14,666 14,582 Effect of dilutive securities: Stock options, SARs, and RSAs 263 456 379 464 Diluted shares used in the calculation of earnings per share 14,915 15,044 15,045 15,046 Stock options of 0.7 three June 30, 2018 2017, not 0.6 0.3 six June 30, 2018 2017, not On May 24, 2018, $30.0 $30.0 0.4 May 24, 2018 $41.41 60% As of June 30, 2018, $12.0 July 16, 2018, December 2018, 0.4 July 19, 2018. 0.8 $37.18 July 16, 2018, not

Note 8 - Inventories

Note 8 - Inventories	6 Months Ended
	Jun. 30, 2018
Notes to Financial Statements
Inventory Disclosure [Text Block]	8. Inventories Inventories consist of the following: June 30, December 31, Raw materials $ 12,582 $ 11,296 Work-in-process 6,322 6,062 Finished goods 5,156 4,677 Total $ 24,060 $ 22,035 As a result of the voluntary recall more fully described in Note 3, $0.8 $1.7 $1.2 six June 30, 2018.

Note 9 - Intangible Assets

Note 9 - Intangible Assets	6 Months Ended
	Jun. 30, 2018
Notes to Financial Statements
Goodwill and Intangible Assets Disclosure [Text Block]	9. Intangible Assets Intangible assets as of June 30, 2018 December 31, 2017 June 30, 2018 December 31, 2017 Gross Value Accumulated Currency Translation Adjustment Accumulated Amortization Net Book Value Accumulated Currency Translation Adjustment Accumulated Amortization Net Book Value Useful Life Developed technology $ 17,100 $ (2,704 ) $ (8,210 ) $ 6,186 $ (2,550 ) $ (7,723 ) $ 6,827 15 In-process research & development 4,406 (1,097 ) - 3,309 (1,015 ) - 3,391 Indefinite Distributor relationships 4,700 (415 ) (4,285 ) - (415 ) (4,285 ) - 5 Patents 1,000 (162 ) (457 ) 381 (152 ) (431 ) 417 16 Elevess trade name 1,000 - (1,000 ) - - (1,000 ) - 9 Total $ 28,206 $ (4,378 ) $ (13,952 ) $ 9,876 $ (4,132 ) $ (13,439 ) $ 10,635 The aggregate amortization expense related to intangible assets was $0.3 $0.2 three June 30, 2018 2017, $0.5 six June 30, 2018 2017.

Note 10 - Goodwill

Note 10 - Goodwill	6 Months Ended
	Jun. 30, 2018
Notes to Financial Statements
Goodwill Disclosure [Text Block]	10. Goodwill The Company completed its annual impairment review as of November 30, 2017 no June 30, 2018, no may not June 30, Balance at January 1, 2018 $ 8,218 Effect of foreign currency adjustments (205 ) Balance at June 30, 2018 $ 8,013

Note 11 - Accrued Expenses

Note 11 - Accrued Expenses	6 Months Ended
	Jun. 30, 2018
Notes to Financial Statements
Accounts Payable and Accrued Liabilities Disclosure [Text Block]	11. Accrued Expenses Accrued expenses consist of the following: June 30, December 31, Compensation and related expenses $ 3,633 $ 2,893 Clinical trial costs 867 2,318 Accrued liabilities related to product recall 1181 - Research grants 408 419 Professional fees 1,213 448 Deferred income 74 - Other 83 248 Total $ 7,459 $ 6,326 Included in Compensation and related expenses as of June 30, 2018 March 9, 2018. $1.7 18 March 9, 2018, March 8, 2018 $0.3 one may February 28, 2019. 6, Accrued liabilities related to product recall includes amounts due to customers for estimated product returns as a result of the voluntary recall more fully described in Note 3 $0.4

Note 12 - Commitments and Conti

Note 12 - Commitments and Contingencies	6 Months Ended
	Jun. 30, 2018
Notes to Financial Statements
Commitments and Contingencies Disclosure [Text Block]	12. Commitments and Contingencies In certain of its contracts, the Company warrants to its customers that the products it manufactures conform to the product specifications as in effect at the time of delivery of the specific product. The Company may not third no June 30, 2018 December 31, 2017, no The Company is also involved from time-to-time in various legal proceedings arising in the normal course of business. Although the outcomes of these legal proceedings are inherently difficult to predict, the Company does not

Note 13 - Income Taxes

Note 13 - Income Taxes	6 Months Ended
	Jun. 30, 2018
Notes to Financial Statements
Income Tax Disclosure [Text Block]	13. Income Taxes The provisions for income taxes were $1.4 $0.4 three six June 30, 2018, 12.5% 10.4%, $6.4 $8.9 three six June 30, 2017, 35.9% 34.7%, three six June 30, 2018, 2017, 35% 21% 2018. second $1.3 11.3%. The Company files income tax returns in the United States on a federal basis, in certain U.S. states, and in Italy. The associated tax filings remain subject to examination by applicable tax authorities for a certain length of time following the tax year to which those filings relate. In connection with the preparation of the financial statements, the Company assesses whether it was more likely than not not not” not June 30, 2018 December 31, 2017. In accordance with Staff Accounting Bulletin No. 118, 2017 not

Note 14 - Business Segment

Note 14 - Business Segment	6 Months Ended
	Jun. 30, 2018
Notes to Financial Statements
Segment Reporting Disclosure [Text Block]	14. Business Segment The Company operates in a single segment engaged in the discovery, development, licensing, manufacturing, and sale of innovative medical therapies that improve the lives of patients with degenerative orthopedic diseases and traumatic conditions. The determination of a single segment is consistent with the financial information regularly reviewed by the Chief Executive Officer, who is the chief decision maker for the purposes of evaluating performance, allocating resources, setting incentive compensation targets, and planning and forecasting future periods. For further information on product and geographic revenues, see Note 3.

Note 3 - Revenue (Tables)

Note 3 - Revenue (Tables)	6 Months Ended
	Jun. 30, 2018
Notes Tables
Schedule of Segment Reporting Information, by Segment [Table Text Block]	Three Months Ended June 30, Six Months Ended June 30, 2018 2017 2018 2017 Orthobiologics $ 26,192 $ 24,468 $ 45,681 $ 44,695 Surgical 1,263 1,335 2,509 2,631 Dermal 623 453 83 878 Other 2,464 2,084 3,527 3,517 Product Revenue $ 30,542 $ 28,340 $ 51,800 $ 51,721
Schedule of Revenue and Operating Income by Geographical Areas [Table Text Block]	Three Months Ended June 30, 2018 2017 Total Percentage of Total Percentage of Geographic Location: United States $ 24,773 81 % $ 27,447 82 % Europe 3,498 11 % 4,060 12 % Other 2,277 8 % 1,955 6 % Total Revenue $ 30,548 100 % $ 33,462 100 % Six Months Ended June 30, 2018 2017 Total Percentage of Total Percentage of Geographic Location: United States $ 41,682 81 % $ 46,377 82 % Europe 5,889 11 % 6,889 12 % Other 4,241 8 % 3,582 6 % Total Revenue $ 51,812 100 % $ 56,848 100 %

Note 5 - Fair Value Measureme21

Note 5 - Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2018
Notes Tables
Fair Value, Assets Measured on Recurring Basis [Table Text Block]	Fair Value Measurements at Reporting June 30, 2018 Quoted Prices in Significant Other Significant Cash equivalents: Money market funds $ 17,366 $ 17,366 $ - $ - U.S. Treasury Bills 43,596 43,596 - - Total cash equivalents $ 60,962 $ 60,962 $ - $ - Investments: Bank certificates of deposit $ 13,250 $ - $ 13,250 $ - Fair Value Measurements at Reporting December 31, 2017 Quoted Prices in Significant Other Significant Cash equivalents: Money market funds $ 5,893 $ 5,893 $ - $ - Bank certificates of deposit 500 - 500 - Total cash equivalents $ 6,393 $ 5,893 $ 500 $ - Investments: Bank certificates of deposit $ 24,000 $ - $ 24,000 $ -

Note 6 - Equity Incentive Plan

Note 6 - Equity Incentive Plan (Tables)	6 Months Ended
	Jun. 30, 2018
Notes Tables
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block]	Six Months Ended June 30, 2018 2017 Risk free interest rate 2.15% - 2.75% 1.65% - 1.78% Expected volatility 37.12% - 40.81% 42.54% - 44.30% Expected life (years) 4.0 - 4.5 4.0 Expected dividend yield 0.00% 0.00%
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Table Text Block]	Three Months Ended June 30, Six Months Ended June 30, 2018 2017 2018 2017 Cost of product revenue $ (28 ) $ 102 $ (244 ) $ 199 Research and development 241 153 451 163 Selling, general and administrative 1,109 1,029 8,680 2,103 Total stock-based compensation expense $ 1,322 $ 1,284 $ 8,887 $ 2,465
Disclosure of Share-based Compensation Arrangements by Share-based Payment Award [Table Text Block]	Three Months Ended June 30, Six Months Ended June 30, 2018 2017 2018 2017 Grants: Stock options 17,500 5,500 209,800 410,135 RSAs - - 64,578 - RSUs - - 8,130 9,970 Exercises: Stock options 273,123 3,850 284,548 9,437 SARs - - - 5,000

Note 7 - Earnings (Loss) Per 23

Note 7 - Earnings (Loss) Per Share ("EPS") (Tables)	6 Months Ended
	Jun. 30, 2018
Notes Tables
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	Three Months Ended June 30, Six Months Ended June 30, 2018 2017 2018 2017 Shares used in the calculation of basic earnings per share 14,652 14,588 14,666 14,582 Effect of dilutive securities: Stock options, SARs, and RSAs 263 456 379 464 Diluted shares used in the calculation of earnings per share 14,915 15,044 15,045 15,046

Note 8 - Inventories (Tables)

Note 8 - Inventories (Tables)	6 Months Ended
	Jun. 30, 2018
Notes Tables
Schedule of Inventory, Current [Table Text Block]	June 30, December 31, Raw materials $ 12,582 $ 11,296 Work-in-process 6,322 6,062 Finished goods 5,156 4,677 Total $ 24,060 $ 22,035

Note 9 - Intangible Assets (Tab

Note 9 - Intangible Assets (Tables)	6 Months Ended
	Jun. 30, 2018
Notes Tables
Schedule of Finite-Lived and Indefinite-Lived Intangible Assets by Major Class [Table Text Block]	June 30, 2018 December 31, 2017 Gross Value Accumulated Currency Translation Adjustment Accumulated Amortization Net Book Value Accumulated Currency Translation Adjustment Accumulated Amortization Net Book Value Useful Life Developed technology $ 17,100 $ (2,704 ) $ (8,210 ) $ 6,186 $ (2,550 ) $ (7,723 ) $ 6,827 15 In-process research & development 4,406 (1,097 ) - 3,309 (1,015 ) - 3,391 Indefinite Distributor relationships 4,700 (415 ) (4,285 ) - (415 ) (4,285 ) - 5 Patents 1,000 (162 ) (457 ) 381 (152 ) (431 ) 417 16 Elevess trade name 1,000 - (1,000 ) - - (1,000 ) - 9 Total $ 28,206 $ (4,378 ) $ (13,952 ) $ 9,876 $ (4,132 ) $ (13,439 ) $ 10,635

Note 10 - Goodwill (Tables)

Note 10 - Goodwill (Tables)	6 Months Ended
	Jun. 30, 2018
Notes Tables
Schedule of Goodwill [Table Text Block]	June 30, Balance at January 1, 2018 $ 8,218 Effect of foreign currency adjustments (205 ) Balance at June 30, 2018 $ 8,013

Note 11 - Accrued Expenses (Tab

Note 11 - Accrued Expenses (Tables)	6 Months Ended
	Jun. 30, 2018
Notes Tables
Schedule of Accrued Liabilities [Table Text Block]	June 30, December 31, Compensation and related expenses $ 3,633 $ 2,893 Clinical trial costs 867 2,318 Accrued liabilities related to product recall 1181 - Research grants 408 419 Professional fees 1,213 448 Deferred income 74 - Other 83 248 Total $ 7,459 $ 6,326

Note 3 - Revenue (Details Textu

Note 3 - Revenue (Details Textual) - USD ($) $ in Millions	3 Months Ended		6 Months Ended	12 Months Ended
	Jun. 30, 2018	Mar. 31, 2018	Jun. 30, 2018	Dec. 31, 2017
Contract with Customer, Liability, Total	$ 0.1		$ 0.1
Inventory Recall Expense		$ 1.1		$ 0.9
DePuy Mitek Inc [Member]
Revenues From Agreements as Percent of Total Revenue	72.00%		73.00%

Note 3 - Revenue - Product Reve

Note 3 - Revenue - Product Revenue by Product Group (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Revenue	$ 30,548	$ 33,462	$ 51,812	$ 56,848
Orthobiologics [Member]
Revenue	26,192	24,468	45,681	44,695
Surgical [Member]
Revenue	1,263	1,335	2,509	2,631
Dermal [Member]
Revenue	623	453	83	878
Manufactured Product, Other [Member]
Revenue	2,464	2,084	3,527	3,517
Product [Member]
Revenue	$ 30,542	$ 28,340	$ 51,800	$ 51,721

Note 3 - Revenue - Total Revenu

Note 3 - Revenue - Total Revenue by Geographic Location (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Revenue	$ 30,548	$ 33,462	$ 51,812	$ 56,848
Percentage of Revenue	100.00%	100.00%	100.00%	100.00%
UNITED STATES
Revenue	$ 24,773	$ 27,447	$ 41,682	$ 46,377
Percentage of Revenue	81.00%	82.00%	81.00%	82.00%
Europe [Member]
Revenue	$ 3,498	$ 4,060	$ 5,889	$ 6,889
Percentage of Revenue	11.00%	12.00%	11.00%	12.00%
Other Location [Member]
Revenue	$ 2,277	$ 1,955	$ 4,241	$ 3,582
Percentage of Revenue	8.00%	6.00%	8.00%	6.00%

Note 4 - Investments (Details T

Note 4 - Investments (Details Textual) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Available-for-sale Securities, Accumulated Gross Unrealized Gain (Loss), before Tax, Total	$ 0	$ 0
Certificates of Deposit [Member]
Available-for-sale Securities, Total	$ 13,300	$ 24,000

Note 5 - Fair Value Measureme32

Note 5 - Fair Value Measurements - Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Cash equivalents	$ 60,962	$ 6,393
Investments	13,250	24,000
Fair Value, Inputs, Level 1 [Member]
Cash equivalents	60,962	5,893
Fair Value, Inputs, Level 2 [Member]
Cash equivalents		500
Money Market Funds [Member]
Cash equivalents	17,366	5,893
Money Market Funds [Member] | Fair Value, Inputs, Level 1 [Member]
Cash equivalents	17,366	5,893
US Treasury Securities [Member]
Cash equivalents	43,596
US Treasury Securities [Member] | Fair Value, Inputs, Level 1 [Member]
Cash equivalents	43,596
Certificates of Deposit [Member]
Cash equivalents		500
Investments	13,250	24,000
Certificates of Deposit [Member] | Fair Value, Inputs, Level 2 [Member]
Cash equivalents		500
Investments	$ 13,250	$ 24,000

Note 6 - Equity Incentive Pla33

Note 6 - Equity Incentive Plan (Details Textual) - USD ($) $ in Thousands	Mar. 09, 2018	Jan. 31, 2018	Jan. 31, 2017	Jun. 30, 2018	Mar. 31, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Allocated Share-based Compensation Expense, Total				$ 1,322		$ 1,284	$ 8,887	$ 2,465
Employee Stock Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period				4 years		3 years	4 years	3 years
Restricted Stock [Member]
Shares Paid for Tax Withholding for Share Based Compensation	32,541
Adjustments Related to Tax Withholding for Share-based Compensation	$ 1,700
Chief Executive Officer [Member]
Allocated Share-based Compensation Expense, Total					$ 6,200
Director [Member] | Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period		1 year	1 year

Note 6 - Equity Incentive Pla34

Note 6 - Equity Incentive Plan - Assumptions Used to Estimate Fair Value of Stock Options and Stock Appreciation Rights (Details)	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
Expected life (years) (Year)		4 years
Expected dividend yield	0.00%	0.00%
Minimum [Member]
Risk free interest rate	2.15%	1.65%
Expected volatility	37.12%	42.54%
Expected life (years) (Year)	4 years
Maximum [Member]
Risk free interest rate	2.75%	1.78%
Expected volatility	40.81%	44.30%
Expected life (years) (Year)	4 years 182 days

Note 6 - Equity Incentive Pla35

Note 6 - Equity Incentive Plan - Total Stock-based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Stock-based compensation expense	$ 1,322	$ 1,284	$ 8,887	$ 2,465
Cost of Sales [Member]
Stock-based compensation expense	(28)	102	(244)	199
Research and Development Expense [Member]
Stock-based compensation expense	241	153	451	163
Selling, General and Administrative Expenses [Member]
Stock-based compensation expense	$ 1,109	$ 1,029	$ 8,680	$ 2,103

Note 6 - Equity Incentive Pla36

Note 6 - Equity Incentive Plan - Granted and Exercised Stock-based Compensation Awards (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Employee Stock Option [Member]
Grants:
Stock options (in shares)	17,500	5,500	209,800	410,135
Exercises:
Stock options (in shares)	273,123	3,850	284,548	9,437
Restricted Stock [Member]
Grants:
Restricted stock grants (in shares)			64,578
Restricted Stock Units (RSUs) [Member]
Grants:
Restricted stock grants (in shares)			8,130	9,970
Stock Appreciation Rights (SARs) [Member]
Exercises:
SARs (in shares)				5,000

Note 7 - Earnings (Loss) Per 37

Note 7 - Earnings (Loss) Per Share ("EPS") (Details Textual) - USD ($) $ / shares in Units, $ in Thousands, shares in Millions	Jul. 19, 2018	May 24, 2018	Jul. 19, 2018	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Payments for Repurchase of Common Stock						$ 30,000
Accelerated Stock Repurchase [Member] | Morgan Stanley & Co., LLC [Member]
Payments for Repurchase of Common Stock		$ 30,000
Stock Repurchased and Retired During Period, Shares		0.4
Stock Repurchase Program, Remaining Authorized Repurchase Amount				$ 12,000		$ 12,000
Accelerated Stock Repurchase [Member] | Morgan Stanley & Co., LLC [Member] | Subsequent Event [Member]
Stock Repurchased and Retired During Period, Shares	0.4		0.8
Accelerated Share Repurchases, Final Price Paid Per Share			$ 37.18
Accelerated Stock Repurchase [Member] | Morgan Stanley & Co., LLC [Member] | Common Stock [Member]
Stock Repurchase Program, Authorized Amount		$ 30,000
Accelerated Share Repurchases, Initial Price Paid Per Share		$ 41.41
Employee Stock Option [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount				0.7	0.7	0.6	0.3

Note 7 - Earnings (Loss) Per 38

Note 7 - Earnings (Loss) Per Share ("EPS") - Basic and Diluted Earnings Per Share (Details) - shares shares in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Basic weighted average common shares outstanding (in shares)	14,652	14,588	14,666	14,582
Stock options, SARs, and RSAs (in shares)	263	456	379	464
Diluted shares used in the calculation of earnings per share (in shares)	14,915	15,044	15,045	15,046

Note 8 - Inventories (Details T

Note 8 - Inventories (Details Textual) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
Inventory Write-down	$ 3,993	$ 287
Nonsaleable Inventory [Member]
Inventory Write-down	800
HA Raw Materials [Member]
Inventory Write-down	1,700
HYAFF-based Products [Member]
Inventory Write-down	$ 1,200

Note 8 - Inventories - Summary

Note 8 - Inventories - Summary of Inventories (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Raw materials	$ 12,582	$ 11,296
Work-in-process	6,322	6,062
Finished goods	5,156	4,677
Total	$ 24,060	$ 22,035

Note 9 - Intangible Assets (Det

Note 9 - Intangible Assets (Details Textual) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Amortization of Intangible Assets, Total	$ 0.3	$ 0.2	$ 0.5	$ 0.5

Note 9 - Intangible Assets - Su

Note 9 - Intangible Assets - Summary of Intangible Assets (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2018	Dec. 31, 2017
Gross Value	$ 28,206
Accumulated Currency Translation Adjustment	(4,378)	$ (4,132)
Accumulated Amortization	(13,952)	(13,439)
Intangible assets, net	9,876	10,635
In Process Research and Development [Member]
Gross Value	4,406
Accumulated Currency Translation Adjustment	(1,097)	(1,015)
Accumulated Amortization
Intangible assets, net	3,309	3,391
Developed Technology Rights [Member]
Gross Value	17,100
Accumulated Currency Translation Adjustment	(2,704)	(2,550)
Accumulated Amortization	(8,210)	(7,723)
Intangible assets, net	$ 6,186	6,827
Useful life (Year)	15 years
Distribution Rights [Member]
Gross Value	$ 4,700
Accumulated Currency Translation Adjustment	(415)	(415)
Accumulated Amortization	(4,285)	(4,285)
Intangible assets, net
Useful life (Year)	5 years
Patents [Member]
Gross Value	$ 1,000
Accumulated Currency Translation Adjustment	(162)	(152)
Accumulated Amortization	(457)	(431)
Intangible assets, net	$ 381	417
Useful life (Year)	16 years
Elevess Trade Name [Member]
Gross Value	$ 1,000
Accumulated Currency Translation Adjustment
Accumulated Amortization	(1,000)	(1,000)
Intangible assets, net
Useful life (Year)	9 years

Note 10 - Goodwill (Details Tex

Note 10 - Goodwill (Details Textual) $ in Thousands	Nov. 30, 2017USD ($)
Goodwill, Impaired, Accumulated Impairment Loss	$ 0

Note 10 - Goodwill - Changes in

Note 10 - Goodwill - Changes in the Carrying Value of Goodwill (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2018USD ($)
Balance at January 1, 2018	$ 8,218
Effect of foreign currency adjustments	(205)
Balance at June 30, 2018	$ 8,013

Note 11 - Accrued Expenses (Det

Note 11 - Accrued Expenses (Details Textual) - USD ($) $ in Millions	Mar. 09, 2018	Mar. 08, 2018	Jun. 30, 2018
Recall Payable			$ 0.4
Former Chief Executive Officer [Member]
Severance Benefit Following Retirement	$ 1.7
Severance Benefit Following Retirement, Term	1 year 180 days
Severance Benefit, For A One Year Post Retirement Consulting Agreement		$ 0.3

Note 11 - Accrued Expenses - Su

Note 11 - Accrued Expenses - Summary of Accrued Expenses (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Compensation and related expenses	$ 3,633	$ 2,893
Clinical trial costs	867	2,318
Accrued liabilities related to product recall	1,181
Research grants	408	419
Professional fees	1,213	448
Deferred income	74
Other	83	248
Total	$ 7,459	$ 6,326

Note 12 - Commitments and Con47

Note 12 - Commitments and Contingencies (Details Textual) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Standard and Extended Product Warranty Accrual, Ending Balance	$ 0	$ 0

Note 13 - Income Taxes (Details

Note 13 - Income Taxes (Details Textual) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017	Dec. 31, 2017
Income Tax Expense (Benefit), Total	$ 1,444	$ 6,373	$ 394	$ 8,944
Effective Income Tax Rate Reconciliation, Percent, Total	12.50%	35.90%	10.40%	34.70%
Effective Income Tax Rate Reconciliation, Share-based Compensation, Windfall Tax Benefit, Amount			$ 1,300
Effective Income Tax Rate Reconciliation, Share-based Compensation, Windfall Tax Benefit, Percentage			11.30%
Deferred Tax Assets, Valuation Allowance, Total	$ 0		$ 0		$ 0